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Pin the Tail on the Fed!?

When the market rallied on Wednesday, some pundits said the U.S. Federal Reserve triggered the move, Cramer noted. Fed Chairman Ben Bernanke told Congress it would take steps to prevent the U.S. from falling back into another recession and the pundits said his comments caused stocks to push higher.

It’s easy to pin the tail on the Fed, Cramer said, but he thinks Bernanke’s role was greatly exaggerated. Several pieces of data factored into the rally, Cramer argued, including strong production numbers from both China and Japan.

Cramer said the real driver for Wednesday’s rally, though, was Europe. After all, he noted nothing bad happened over night. So without any news, the hedge fund managers who are rooting for a collapse in a country’s bonds, they were without ammo.

(Slideshow—Cramer: Buy This, Not That)

By the end of the day, the market had actually given up much of its gains, Cramer said. Rumors of more bond strife from abroad were pulling the averages down. In addition, a little known German bank failed its stress test.

“Yep, some German bank I’ve never heard of hurt us more than all that oh so powerful Bernanke testimony helped,” Cramer complained.

Bottom line: Bernanke’s comments did help move the market higher, but Cramer doesn’t think it was the only factor.

Call Cramer: 1-800-743-CNBC

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